Three years ago, the mean price of an existing single-family home was $243,787. A real estate broker believes that existing home prices in her neighborhood are lower. (a) State the null and alternative hypotheses in words. (b) State the null and alternative hypotheses symbolically. (c) Explain what it would mean to make a Type I error. (d) Explain what it would mean to make a Type Il error. (a) State the null hypothesis in words. Choose the correct answer below. O A. The mean price of a single family home in the broker's neighborhood is $243,787. O B. The mean price of a single family home in the broker's neighborhood is less than $243,787. O C. The mean price of a single family home in any neighborhood is $243,787. O D. The mean price of a single family home in the broker's neighborhood is different from $243,787. State the alternative hypothesis in words. Choose the correct answer below. O A. The mean price of a single family home in any neighborhood is $243,787. O B. The mean price of a single family home in the broker's neighborhood is less than $243,787. OC. The mean price of a single family home in the broker's neighborhood is $243,787. O D. The mean price of a single family home in the broker's neighborhood is different from $243,787.

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